10 ways to a profitable future

Working with news media companies around the world as they transform into digital organisations, the Institute for Media Strategies has noted that successful companies follow similar strategies and have much in common.

In this article for Editor & Publisher, IFMS Founder and CEO Dietmar Schantin has identified some of the practices and perspectives that lead to profitability. These include:

  1. Full acknowledgement that traditional business models are dead. Newspapers can no longer put advertisers’ messages next to journalism and hope to reach readers.
  2. Recognizing there is no longer such a thing as mass media in the context of traditional media. Every traditional media brand is now a niche publisher.
  3. Asking and answering the question, “Why is your media company in existence?” And no, it is not for making money and making shareholders happy.
  4. Understanding that a media is not only as a content company, but also a service and experience company.
  5. Establishing a direct, deep relationship with their audience of readers or users.
  6. Putting the right people in the right jobs. Legacy skills and attitudes no longer work.
  7. Undertaking a digital transformation strategy that addresses the entire firm, not just single departments. Marketing, products, workflows, structures, technologies, and people must be addressed simultaneously and in a coordinated way.
  8. Using the right technology and tools to support and drive the future strategy.
  9. Developing expertise in branding, customer and membership management, marketing and public relations. These are crucial in today’s world but media companies generally aren’t very good at them.
  10. Recognizing that the outcome of transformation is not a new, stable status quo that will last for the next 10 years. What you’re aiming for is a culture of organizational flexibility.

Read the full Editor & Publisher article here.

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